Solana Revenue Plummets 93% as Memecoin Hype Fizzles Out

Solana memecoin frenzy that once fueled its growth fades into the background. Data from DeFiLlama reveals that Solana’s weekly network revenue has plunged from a record $55.3 million in mid-January to just $4 million—marking a staggering 93% decline. The blockchain’s decentralized application (DApp) revenue has also taken a massive hit, dropping 86% from $238 million to $32 million in the same timeframe. The downturn is not limited to revenue alone—Solana’s total value locked (TVL) in DeFi has nearly halved, slipping from $12 billion in January to around $6.4 billion today. Analysts point to the sharp decline in memecoin trading volume as the primary reason for this downturn. A March 5 report by VanEck suggests that around 80% of Solana’s network revenue comes from memecoin speculation, particularly from the trading platform Pump.fun. However, the platform’s daily revenue has nosedived 95% from a peak of $15 million in late January to just $800,000 on March 7, according to Dune Analytics. Trump’s Memecoin Sparked the Peak—Then the Crash The January launch of Trump-themed memecoins appears to have marked the peak of the craze. On January 18, Donald Trump’s TRUMP token launched , followed by Melania Trump’s MELANIA token two days later. While both tokens initially surged in price, the excitement was short-lived. CoinGecko founder Bobby Ong noted on March 6 that the Trump-themed tokens diverted liquidity and attention away from other memecoins, effectively marking the beginning of their decline. TRUMP has since dropped 86% from its peak, now trading at $10.50, while MELANIA has collapsed 95% to just $0.71. Solana Price Takes a Hit The broader memecoin market has also suffered a heavy blow, with its total market capitalization falling 68% from a peak of $137 billion in December to $44 billion today, per CoinMarketCap data . With memecoin interest drying up , Solana price has followed suit, falling 58% from its mid-January all-time high of $293. At the time of writing, SOL is down another 5% on the day, trading at $122. While Solana remains a dominant player in the blockchain space, its heavy reliance on memecoins for network activity has exposed its vulnerability to speculative hype cycles. The post Solana Revenue Plummets 93% as Memecoin Hype Fizzles Out appeared first on TheCoinrise.com .